So, you're dreaming of a summer internship at Goldman Sachs, one of the most prestigious financial institutions in the world? Excellent choice! Not only does it offer unparalleled experience and networking opportunities, but let's be honest, the compensation is often a significant factor. But how much exactly does a summer intern at Goldman Sachs make? It's not a simple, single number, as it varies significantly based on location, division, and year. However, we can break it down and give you a comprehensive overview.
The Allure of a Goldman Sachs Internship
Before we dive into the numbers, let's briefly touch upon why a Goldman Sachs internship is so sought after. It's more than just a paycheck; it's a launchpad for a high-flying career in finance. Interns gain:
Hands-on experience working on real projects that impact the firm's operations and strategy.
Exposure to senior leaders and clients, offering invaluable insights and networking opportunities.
Rigorous training and development through workshops, seminars, and mentorship programs.
A strong foundation in financial markets, products, and processes.
The potential for a full-time offer upon graduation, making it a critical step towards a successful career at one of the world's leading firms.
Now, let's get down to the nitty-gritty of what you can expect to earn.
Step 1: Understanding the Compensation Structure - It's Not Just a Salary!
First things first, let's engage you! Are you picturing a fixed monthly salary, or are you ready to uncover the layers of a truly competitive compensation package? The reality is that Goldman Sachs intern compensation often goes beyond a simple hourly or monthly wage, especially in certain divisions and locations. It typically comprises:
Base Salary (or Hourly Wage): This is your core earnings for the hours you work. For summer internships, this is usually prorated based on an annualized salary.
Overtime Pay: In some divisions, particularly Investment Banking, interns may be compensated for hours worked beyond a standard workweek, often at a reduced rate (e.g., 0.5x their hourly rate). However, some reports indicate firms might set limits on logged hours.
Housing/Relocation Stipend: Many interns, especially those relocating for the internship, receive a lump sum or monthly stipend to cover housing costs. This can be a significant benefit, especially in expensive cities like New York or London.
Transportation Allowance: Some roles or locations might offer a stipend to cover daily commuting costs.
Other Benefits/Perks: While less direct financial compensation, these add significant value:
Networking events
Learning and development resources
Mentorship programs
Access to firm-provided facilities (e.g., on-site gyms in some offices)
Step 2: Diving into the Numbers - What to Expect by Location and Division
The actual figures can vary substantially. Here's a breakdown based on available data, keeping in mind that these are estimates and can fluctuate year-on-year.
2.1: North America (USA) - The High Rollers
In major financial hubs like New York City, Goldman Sachs summer interns are among the highest-paid.
Investment Banking (IB) / Sales & Trading (S&T) / Asset Management (AM):
Hourly Rates: Historically, these roles have seen hourly rates ranging from $50 to $70+ per hour.
Monthly Equivalent: This translates to a monthly income of approximately $8,500 to $12,000+.
Annualized Base: Prorated, this often aligns with an annualized base salary in the range of $85,000 to $110,000. Recent reports suggest Goldman Sachs has been increasing intern compensation to match "street" rates, with figures potentially reaching the higher end of this range or even exceeding it for some divisions in 2025.
Benefits: Expect substantial housing stipends (e.g., $2,000 - $6,500 per month or a lump sum of $5,000+ for the duration of the internship) and relocation assistance (e.g., $750 - $5,000).
Software Engineer Interns:
Hourly Rates: Often competitive with front-office finance roles, ranging from $50 to $75+ per hour.
Monthly Equivalent: This can be around $8,500 to $13,000+ per month.
Benefits: Similar to finance roles, with strong housing and relocation support. For example, a Summer 2025 Software Engineer intern in NYC was reported to make $55.29/hr with $750 transportation and $5,000 relocation. A Summer 2024 intern in NYC reportedly made $77.23/hr with $2,300/mo housing and $400 transportation.
Operations Analyst Interns:
Hourly Rates: Generally lower than IB or Engineering roles, around $25 to $35 per hour.
Monthly Equivalent: Approximately $4,300 to $6,000 per month.
Benefits: May include corporate housing and relocation assistance, though potentially less generous than for highly sought-after technical or front-office roles.
2.2: EMEA (Europe, Middle East, Africa) - A Strong Showing
Compensation in EMEA, particularly London, is also robust, though often slightly lower than in the US due to different cost of living and market dynamics.
Hourly Rates (London): For Software Engineer interns, rates have been reported around $30 to $40 per hour (or equivalent in GBP).
Monthly Equivalent (London): Roughly $5,000 to $7,000 per month.
Benefits: Relocation bonuses (e.g., £1,000) are common.
2.3: Asia-Pacific (APAC) - Emerging Markets, Growing Opportunities
In locations like Bengaluru (India), Hong Kong, or Sydney, compensation will reflect the local market conditions and cost of living.
Bengaluru, India (Software Engineer Intern):
Hourly Rates: Historically, these have been significantly lower than in developed markets, around $6 to $8 per hour.
Monthly Equivalent: This translates to approximately $1,000 to $1,400 per month or around INR 75,000 per month.
Benefits: While a specific breakdown of benefits like housing or transportation stipends for India is less widely publicized, it's generally understood that compensation packages in these regions are designed to be competitive within the local market and provide sufficient support. Some reports mention "corporate housing" or "company provided relocation" for other APAC locations.
Hong Kong / Sydney: These locations typically offer higher compensation than India, but still generally less than NYC or London, reflecting their respective cost of living. For example, Sydney in 2022 saw Software Engineer interns making around $26/hr.
Step 3: Factors Influencing Your Paycheck - Beyond Location
It's not just where you work; several other elements play a role in how much you'll pocket.
3.1: Your Academic Standing and Experience
Year of Study: Interns in their penultimate year (rising seniors for a summer analyst program) often receive higher compensation than sophomores or freshmen, as they are typically being evaluated for full-time conversion. MBA interns (Summer Associates) will generally earn significantly more than undergraduate interns.
Relevant Experience: Prior internships, particularly at other reputable firms, or participation in relevant academic projects and competitions can strengthen your candidacy and potentially your compensation.
Skills: For technical roles, proficiency in high-demand programming languages (Python, Java, C++), data structures, algorithms, and cloud technologies can command higher pay.
3.2: Division and Role
As seen above, there's a clear hierarchy in compensation across divisions.
Front-Office (Investment Banking, Sales & Trading, Asset Management): These are generally the highest-paying roles due to their direct revenue-generating nature and demanding hours.
Engineering/Technology: Often highly competitive, especially for specialized roles in quantitative research or critical infrastructure.
Back/Middle Office (Operations, Compliance, Human Capital Management): While essential to the firm's functioning, these roles typically have lower compensation than front-office or engineering roles.
3.3: Market Conditions and Firm Performance
Overall Market: A booming financial market generally leads to higher compensation across the board, including for interns, as firms compete for top talent.
Goldman Sachs' Performance: The firm's profitability can influence its compensation budget for all employees, including interns.
Step 4: The Internship Duration - More Time, More Money!
Goldman Sachs summer internships typically run for 9 to 10 weeks. Therefore, your total compensation will be a direct product of your weekly earnings multiplied by the duration. For instance, an intern earning $60 per hour for a 40-hour work week over 10 weeks would make:
$60/hour * 40 hours/week * 10 weeks = $24,000 in base pay, before any overtime, housing, or relocation benefits. Imagine the possibilities!
Step 5: Is Negotiation Possible?
This is a common question, and the answer for summer internships at Goldman Sachs is generally "No, not for the base compensation." Here's why:
Standardized Offers: For undergraduate summer analyst programs, compensation is highly standardized across the division and location. Goldman Sachs typically has a fixed pay scale for these roles.
High Demand: The sheer volume of highly qualified applicants means that the firm has little incentive to negotiate individual offers. If one candidate declines, there are many others eager to take their place.
Focus on Fit: The emphasis for internships is often on securing the right talent for potential full-time conversion, and slight variations in pay are not typically a negotiation point.
However, a former Goldman Sachs recruiter did suggest a strategy for full-time salary negotiation that might indirectly apply to interns seeking to understand their value: during interviews, ask what skills and experiences differentiate a higher-paying candidate from a lower-paying one within a specified salary range. While you might not negotiate the intern salary itself, this approach can help you understand what attributes are most valued and how to best position yourself for future full-time offers.
What you can do, however, is ensure you understand the full package. Clarify any housing or relocation stipends, as these can significantly impact your overall financial situation during the internship.
Step 6: Leveraging Your Internship for Future Earnings
While your summer intern earnings are impressive, the real value of a Goldman Sachs internship often lies in its ability to supercharge your future earning potential.
Return Offer: A successful internship often leads to a full-time offer. New Analyst salaries at Goldman Sachs are highly competitive, typically starting well into six figures, plus significant bonuses.
Networking: The connections you make during your internship, both with peers and senior professionals, can open doors to opportunities throughout your career.
Resume Booster: Having Goldman Sachs on your resume is an undeniable advantage. It signals to future employers that you possess a strong work ethic, intellectual capacity, and exposure to a world-class financial environment. This can lead to higher starting salaries and faster career progression in subsequent roles, regardless of whether you return to Goldman Sachs.
Related FAQ Questions:
Here are 10 common "How to" questions related to Goldman Sachs internships and their quick answers:
How to get a summer internship at Goldman Sachs?
Quick Answer: Maintain an excellent academic record, gain relevant extracurricular experience (finance clubs, case competitions), network actively, tailor your resume and cover letter, and meticulously prepare for their rigorous interviews (behavioral and technical).
How to prepare for a Goldman Sachs internship interview?
Quick Answer: Research the firm and your desired division extensively, practice behavioral questions using the STAR method, and brush up on fundamental finance concepts, market knowledge, and technical skills (for specific roles like engineering or quantitative research).
How to stand out during a Goldman Sachs summer internship?
Quick Answer: Be proactive, ask thoughtful questions, demonstrate a strong work ethic, seek feedback, build genuine relationships with colleagues and mentors, and deliver high-quality work consistently.
How to get a return offer after a Goldman Sachs internship?
Quick Answer: Exceed expectations in your projects, show genuine interest in the firm and your work, be a team player, actively participate in firm events, and communicate your interest in a full-time role.
How to choose between different Goldman Sachs divisions for an internship?
Quick Answer: Research each division's daily responsibilities, culture, and career paths, and speak to professionals in those areas to align with your skills, interests, and long-term career goals.
How to manage housing and living expenses during a Goldman Sachs internship in NYC/London?
Quick Answer: Utilize any housing or relocation stipends provided, explore intern housing programs, consider shared accommodation, budget carefully for daily expenses, and take advantage of firm-provided perks like subsidized meals or gym access if available.
How to network effectively as a Goldman Sachs intern?
Quick Answer: Attend all firm networking events, schedule informational interviews with professionals in your division and others, and politely follow up to build genuine connections.
How to dress for a Goldman Sachs summer internship?
Quick Answer: Err on the side of professional business attire, even if the dress code is "business casual." For men, suits or blazers with dress shirts and trousers. For women, professional dresses, skirts, or pantsuits. Always observe what more senior colleagues are wearing.
How to balance work and personal life during a Goldman Sachs internship?
Quick Answer: While the hours can be long, prioritize sleep, healthy eating, and some form of exercise. Make time for social activities with fellow interns to build camaraderie and de-stress.
How to leverage a Goldman Sachs internship for future career opportunities (even if no return offer)?
Quick Answer: Highlight the specific skills and projects you worked on, quantify your achievements, emphasize your exposure to a top-tier financial environment, and leverage your network for references and future job leads.
